Celebrating Biden’s Withdrawal From Candidature🎉
The crypto industry has been closely following the developments leading up to the November elections in the US. The regulatory stance of politicians on cryptocurrencies has been a crucial factor for many in the community, given the history of stringent regulations imposed by the government.
On a Sunday afternoon, President Joe Biden made a surprising announcement that he would no longer be running as a Presidential Candidate in the upcoming elections. He expressed his decision to focus on fulfilling his duties as president for the rest of his term.
In a post on social media, Biden extended his support for vice-president Kamala Harris to be the nominee for the Democratic party:
“Today I want to offer my full support and endorsement for Kamala to be the nominee of our party this year. Democrats -It’s time to come together and beat Trump. Let’s do this.”
Following the news, prominent figures in the industry like Artur Hayes and Justin Sun shared their reactions online. The Tron founder replied to Biden’s post, saying, “Goodbye Biden, crypto will last forever.”
The community expressed mixed opinions, with some believing that Trump’s chances of winning were more evident against Biden than against another Democratic nominee. However, others viewed Biden’s withdrawal as a bullish move for the crypto industry, irrespective of the nominee. Polymarket data showed that Republican candidate Donald Trump maintained a significant lead over the competition.
A Shift in PolitiFi Memecoin Market💸
The PolitiFi memecoin sector witnessed a significant shift after Biden’s announcement. The prices of tokens inspired by Biden immediately started to decline, with the primary token, Jeo Boden (BODEN), experiencing a drop of nearly 60%.
BODEN’s price plummeted from $0.025 to the $0.01 range within thirty minutes. Subsequently, the token continued to decline, hitting the $0.0086 support level. This represented a 65% and 73% decrease in value over the past 24 hours and seven days, respectively.
With the current price standing at 99.2% lower than its peak in April at $1.04, BODEN also saw a substantial reduction in market capitalization from $17.5 million to $5.99 million post-announcement.
Conversely, Kamala Harris-inspired tokens witnessed a surge in prices within the last 24 hours. Kamala Horris (KAMA) stood out as the top gainer among PolitiFi tokens, with a 150% increase, jumping from the $0.011-$0.019 range to $0.025 in two hours.
Launched in May, KAMA has recorded a remarkable 257% and 1,433% increase in the weekly and monthly timeframes, respectively. As of now, KAMA has retracted above the $0.015 mark, currently trading at $0.016.
Trump-themed tokens also experienced a notable uptick following Biden’s exit from the race. MAGA (TRUMP) witnessed a 12% increase, briefly touching the $7.75 resistance level. Additionally, MAGA Hat (MAGA), Super Trump (STRUMP), and Donald Tremp (TREMP) saw price rises of 13%, 33%, and 25%, respectively.
Hot Take: Assessing the Impact of Biden’s Withdrawal🔥
Following President Joe Biden’s decision to withdraw from the presidential race, the crypto community witnessed a significant shift in the PolitiFi memecoin market. While Biden-inspired tokens experienced a sharp decline, Kamala Harris-themed tokens saw a substantial surge in prices. The market dynamics are reacting to the changing political landscape, with traders and investors closely monitoring these developments to capitalize on the shifting trends. As the election season unfolds, the crypto industry continues to play a pivotal role in responding to political events and shaping market sentiment.
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